The trucking and transportation business can be a very profitable one. Approximately $700 billion a year is spent in shipping and logistics. As a truck driver or commercial vehicle operator, you understand that the key to a successful company is to keep up…on everything! From maintenance to paperwork, to insurances and licensing, you have got to stay on top of things if you want your trucking company to thrive.
Without question, most need money in order to keep their trucks up and running. So where do you find a small business loan that specializes in working with those in the transportation industry? With traditional lenders, many drivers hit wall after wall. Either their trucking business hasn't been around long enough or maybe their FICO is too low. More and more shipping and logistics companies are turning to alternative lending institutions. Why? Below are some of the benefits of working with alternative/online lenders:
Repayment based on your cash flow. Most truck drivers understand that sometimes the money comes in more sporadically than at others. With loan products from alternative lenders, the repayment schedule can be customized around what works for your business.
The process is fast and easy. You're on the road—often. Which means you don't necessarily have the time required to spend on a lengthy application process—not to mention the mounds of paperwork. With online lending the entire thing can take a couple of days, funding included!
Credit score not as much of a factor. Okay, so perhaps you don't have a 700+ credit score. There are loans out there where even low scores can qualify for cash.
You may not need collateral. This can be huge as many simply don't have the kind of collateral that banks expect. With a number of alternative financing options, there is no collateral requirement.
At First Union, we love to invest in those working in trucking and transportation as we know this is a robust industry, and one that keeps on growing. Call today to see how we might be able to help fund your trucking company.